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RBI to fully absorb forex risks, inflows may see $50bn boost
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds. RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs. In addition, FCNR(B) deposits of three to five years will be exempt from the cash...